The company is a joint venture partnership formed in 2019 between the NZ Super Fund, Russell Property Group and Lockwood Property Group.
The company owned QT Auckland, Four Points by Sheraton Auckland, Adina Apartment Hotel Britomart, Rydges Rotorua, Rydges Wellington, Sofitel Queenstown Hotel and Spa and BreakFree on Cashel in Christchurch.
It put all of its hotels on the market last year, looking for one buyer but only three sold – QT Auckland, Rydges Wellington and Sofitel Queenstown Hotel.
Hamilton said the company was now putting the others on the market individually. Rydges Rotorua’s sale went live at the start of this month.
He said interest was good and some site inspections had already been made.
“Ideally we would have sold the whole portfolio, but now it makes sense as we go through the process to sell it individually or in smaller groups. There are investors out there who would like this on its own.”
He said there was more national and international investor interest now.
Rydges Rotorua is for sale.
Rydges Rotorua was called the Holiday Inn when it was one of the Managed Isolation and Quarantine (MIQ) facilities during the pandemic.
It was refurbished and rebranded as Rydges Rotorua.
Hamilton said there had not been much movement in the buying and selling of hotels during the past five years.
However, he said Rotorua’s visitor market had been performing well and that had given sellers and buyers confidence.
Agents for the Copthorne Hotel and Wai Ora Lakeside Spa Resort sales said interest was strong.
The Copthorne Hotel on Fenton St is up for sale and about 14,000sq m of undeveloped land.
The four-storey Copthorne Hotel has 136 rooms, suites, conference areas, a restaurant and bar. It also includes about 14,000sq m of undeveloped land that could be used for construction or expansion.
Broker Mark Rendall said Colliers was selling the property by negotiation and had a conditional offer. He said the buyer was from New Zealand and doing due diligence.
Wai Ora Lakeside Spa Resort is for sale via an international tender closing on July 16, unless sold prior.
Bayleys agent Damien Keenan said there was plenty of interest in the Wai Ora Lakeside Spa Resort sale.
The resort is a 4.5-star facility with 30 rooms, a restaurant, day spa and conference area.
“We have had a number of inspections from international and New Zealand buyers. It’s a matter of what comes to paper at the end of the day, but the interest has certainly been positive.”
The resort is being offered to buyers via an international tender closing on July 16, unless sold prior.
2six5 on Fenton. Photo / Kelly Makiha
Meanwhile, Kāinga Ora, which owns 2six5 on Fenton, formerly the Boulevard Motel, was making progress with its sale.
The property controversially had more than $11 million poured into it after it was bought in July 2021 by the then-Government for $8.1m.
Local real estate agents were reported as saying the motel’s six property titles were only valued at about $4.3m.
Kāinga Ora then spent a further $3m turning the site into transitional housing accommodation.
The site was granted a resource consent for social housing but this was not publicly notified.
Resident lobby group Restore Rotorua used it as a catalyst to spark a legal fight with the Ministry of Housing and Urban Development and Rotorua Lakes Council, pushing for public consultation on future similar applications.
The former Boulevard Motel on Fenton St. Photo / Andrew Warner
Sixteen households who were living there last year were moved off the site after a bore that provided heating and hot water broke.
Kāinga Ora decided to demolish the buildings and sell the land.
Kāinga Ora Waikato and Bay of Plenty regional director Mark Rawson told the Rotorua Daily Post this week the demolition work was almost finished.
“We made the decision to demolish the buildings to make the site safe, secure and more appealing for potential buyers. We are working with our real estate agents and expect the site to be listed on the open market within the coming weeks.”
Kelly Makiha is a senior journalist who has reported for the Rotorua Daily Post for more than 25 years, covering mainly police, court, human interest and social issues.